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Investors Pick Up DRRX 28.3% Cheaper Than Its Secondary Stock Offering

By Market News Video Staff, Monday, May 10, 9:59 AM ET
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Looking back to 95 days ago, Durect Corp (NASDAQ:DRRX) priced a 17,708,333 share secondary stock offering at $2.40 per share. Buyers in that offering made a considerable investment into the company, expecting that their investment would go up over the course of time. In trading on Monday, bargain hunters could buy shares of DRRX and achieve a cost basis 28.3% cheaper than those buyers, with shares changing hands as low as $1.72 per share.

Secondaries can often present buying opportunities for bullish investors interested in purchasing shares, because the sudden extra supply of stock tends to require that the offering be priced at an attractive discount to where the stock had previously been trading before the offering announcement. At last check, Durect Corp shares are currently trading down about 2.3% on the day. The chart below shows the one year performance of DRRX shares, versus its 200 day moving average:

Durect Corp Chart

Looking at the chart above, DRRX's low point in its 52 week range is $1.52 per share, with $2.96 as the 52 week high point — that compares with a last trade of $1.70.


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Investors Pick Up DRRX 28.3% Cheaper Than Its Secondary Stock Offering | Market News Video | Copyright © 2008 - 2021, All Rights Reserved

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